SBI Life Insurance Q1 results: Net profit rises 36% to ₹520 crore.
SBI Life Insurance reported a 36% year-on-year increase in net profit for the first quarter of 2024, reaching ₹520 crore.
SBI Life Insurance reported a net profit of ₹520 crore for the first quarter ending in June 2024, a 36% increase from ₹381 crore in the same quarter the previous year. The insurer's net premium income rose by 15% year-on-year to ₹15,105 crore, up from ₹13,104 crore.
The annualised premium equivalent (APE) reached ₹36,400 crore, indicating year-on-year growth. The Value of New Business (VoNB) increased by 12% to ₹970 crore, with a VoNB margin of 26.8%.
The gross written premium grew year-on-year to ₹15,570 crore, compared to ₹13,560 crore last year.
However, the solvency ratio dropped to 2.01% from 2.15% the previous year.
Despite this, SBI Life recorded improvements in persistency rates, with a 259 basis point increase in the 49th month and a 229 basis point increase in the 61st month.
SBI Life's Unit Linked Insurance Plans (Ulips) accounted for 61% of the overall product mix, up from 53% in the same period last year.
The share of participating products stood at 4%, while non-participating (non-par) products made up 35% of the product mix, down from 40% in Q1FY24.
The company's shares closed 2.10% higher at ₹1,630.95 apiece on the BSE.
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